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Cash America Announces Third Quarter Net Income And Dividend Declared

Stocks in this article: CSH

Management believes these measures provide investors with important information needed to evaluate the magnitude of potential loan losses and the opportunity for revenue performance of the consumer loan portfolio on an aggregate basis. The comparison of the aggregate amounts from period to period is more meaningful than comparing only the residual amount on the Company’s balance sheet since both revenue and the loss provision for loans are impacted by the aggregate amount of loans owned by the Company and those guaranteed by the Company as reflected in its financial statements.

CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES

CONSUMER LOAN FINANCIAL AND OPERATING DATA

(dollars in thousands, except where otherwise noted)

The following tables summarize selected data related to the Company’s consumer loan activities as of September 30, 2012 and 2011 and for the three and nine months ended September 30, 2012 and 2011.

  Three Months Ended     Nine Months Ended
September 30, September 30,
2012     2011 2012     2011

Combined consumer loan loss provision as a % of combined consumer loans written and renewed (a)

9.5% 7.4% 8.8% 6.7%

Charge-offs (net of recoveries) as a % of combined consumer loans written and renewed (a)

8.5% 6.1% 8.2% 6.3%

Combined consumer loan loss provision as a % of consumer loan fees

  41.1%     37.2%     39.2%     34.7%
 

(a) The disclosure regarding the amount and number of consumer loans written and renewed is statistical data that is not included in the Company’s financial statements.

 
  As of September 30,
2012   2011
Company Owned (a)   Guaranteed by the Company (a)   Combined (b) Company Owned (a)   Guaranteed by the Company (a)   Combined (b)
Ending consumer loan balances:
Retail Services
Short-term loans $ 49,079 $ 6,904 $ 55,983 $ 48,891 $ 8,644 $ 57,535
Installment loans     9,899     6,707     16,606     8,484     6,218     14,702
Total Retail Services, gross     58,978     13,611     72,589     57,375     14,862     72,237
E-Commerce
Domestic
Short-term loans 75,435 37,952 113,387 51,829 33,514 85,343
Installment loans     38,986     -     38,986     19,856     -     19,856
Total Domestic, gross     114,421     37,952     152,373     71,685     33,514     105,199
 
Foreign
Short-term loans 96,561 3,708 100,269 86,987 2,842 89,829
Installment loans     66,111     -     66,111     22,930     -     22,930
Total Foreign, gross     162,672     3,708     166,380     109,917     2,842     112,759
Total E-Commerce, gross     277,093     41,660     318,753     181,602     36,356     217,958
 
Total ending loan balance, gross 336,071 55,271 391,342 238,977 51,218 290,195
Less: Allowance and liabilities for losses (a)     (79,246)     (3,437)     (82,683)     (47,335)     (2,487)     (49,822)
Total ending loan balance, net   $ 256,825   $ 51,834   $ 308,659   $ 191,642   $ 48,731   $ 240,373
Allowance and liability for losses as a % of combined consumer loan balances, gross (b)     23.6%     6.2%     21.1%     19.8%     4.9%     17.2%
 
(a) GAAP measure. The consumer loan balances guaranteed by the Company represent loans originated by third-party lenders through the Company's credit services organization programs (the "CSO programs"), so these balances are not recorded in the Company’s financial statements. However, the Company has established a liability for estimated losses in support of its guarantee of these loans, which is reflected in the table above and included in its financial statements.
(b) Except for allowance and liability for estimated losses, amounts represent non-GAAP measures.
 
 

CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES

CONSUMER LOAN FINANCIAL AND OPERATING DATA

(dollars in thousands, except where otherwise noted)

The following tables summarize consumer loans written or renewed for the three and nine months ended September 30, 2012 and 2011 (dollars in thousands).

  Three Months Ended September 30,
2012   2011
Company Owned (a)  

Guaranteed by the Company (a)(b)

  Combined (a) Company Owned (a)  

Guaranteed by the Company (a)(b)

  Combined (a)

Amount of consumer loans written and renewed:

 

Retail Services
Short-term loans $ 191,332 $ 36,343 $ 227,675 $ 196,771 $ 45,915 $ 242,686
Installment loans     2,026     4,457     6,483     1,601     5,126     6,727
Total Retail Services     193,358     40,800     234,158     198,372     51,041     249,413
E-Commerce
Domestic
Short-term loans 116,785 197,962 314,747 109,909 180,890 290,799
Installment loans     29,987     -     29,987     15,223     -     15,223
Total Domestic     146,772     197,962     344,734     125,132     180,890     306,022
 
Foreign
Short-term loans 251,787 17,676 269,463 231,310 15,410 246,720
Installment loans     35,380     -     35,380     15,844     -     15,844
Total Foreign     287,167     17,676     304,843     247,154     15,410     262,564
Total E-Commerce     433,939     215,638     649,577     372,286     196,300     568,586
 
Total amount of consumer loans

written and renewed:

  $ 627,297   $ 256,438   $ 883,735   $ 570,658   $ 247,341   $ 817,999
 

Number of consumer loans written and renewed:

 

Retail Services
Short-term loans 408,886 68,960 477,846 423,380 81,771 505,151
Installment loans     1,772     662     2,434     1,554     977     2,531
Total Retail Services     410,658     69,622     480,280     424,934     82,748     507,682
E-Commerce
Domestic
Short-term loans 388,650 271,250 659,900 342,634 258,705 601,339
Installment loans     31,444     -     31,444     11,799     -     11,799
Total Domestic     420,094     271,250     691,344     354,433     258,705     613,138
 
Foreign
Short-term loans 434,578 23,146 457,724 433,216 22,251 455,467
Installment loans     30,336     -     30,336     13,967     -     13,967
Total Foreign     464,914     23,146     488,060     447,183     22,251     469,434
Total E-Commerce     885,008     294,396     1,179,404     801,616     280,956     1,082,572
 
Total number of consumer loans

written and renewed

    1,295,666     364,018     1,659,684     1,226,550     363,704     1,590,254
 
(a) The disclosure regarding the amount and number of consumer loans written and renewed is statistical data that is not included in the Company’s financial statements.
(b) Loans guaranteed by the Company represent loans originated by third-party lenders through the CSO programs.
 

CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES

CONSUMER LOAN FINANCIAL AND OPERATING DATA

(dollars in thousands, except where otherwise noted)
    Nine Months Ended September 30,
2012   2011
Company Owned (a)     Guaranteed by the Company (a)(b)   Combined (a) Company Owned (a)     Guaranteed by the Company (a)(b)   Combined (a)

Amount of consumer loans written and renewed:

 

Retail Services
Short-term loans $ 544,930 $ 109,005 $ 653,935 $ 534,182 $ 128,431 $ 662,613
Installment loans     5,690     10,613     16,303     6,580     10,193     16,773
Total Retail Services     550,620     119,618     670,238     540,762     138,624     679,386
E-Commerce
Domestic
Short-term loans 330,986 541,364 872,350 315,472 491,424 806,896
Installment loans     57,354     -     57,354     28,262     -     28,262
Total Domestic     388,340     541,364     929,704     343,734     491,424     835,158
 
Foreign
Short-term loans 738,682 52,724 791,406 568,507 40,476 608,983
Installment loans     91,790     -     91,790     36,797     -     36,797
Total Foreign     830,472     52,724     883,196     605,304     40,476     645,780
Total E-Commerce     1,218,812     594,088     1,812,900     949,038     531,900     1,480,938
 
Total amount of consumer loans

written and renewed:

  $ 1,769,432   $ 713,706   $ 2,483,138   $ 1,489,800   $ 670,524   $ 2,160,324
 

Number of consumer loans written and renewed:

 

Retail Services
Short-term loans 1,159,449 200,636 1,360,085 1,155,859 226,068 1,381,927
Installment loans     5,252     1,506     6,758     5,101     2,039     7,140
Total Retail Services     1,164,701     202,142     1,366,843     1,160,960     228,107     1,389,067
E-Commerce
Domestic
Short-term loans 1,075,228 741,152 1,816,380 957,228 693,814 1,651,042
Installment loans     57,255     -     57,255     24,630     -     24,630
Total Domestic     1,132,483     741,152     1,873,635     981,858     693,814     1,675,672
 
Foreign
Short-term loans 1,359,841 69,645 1,429,486 1,077,980 61,340 1,139,320
Installment loans     80,539     -     80,539     32,185     -     32,185
Total Foreign     1,440,380     69,645     1,510,025     1,110,165     61,340     1,171,505
Total E-Commerce     2,572,863     810,797     3,383,660     2,092,023     755,154     2,847,177
 
Total number of consumer loans

written and renewed

    3,737,564     1,012,939     4,750,503     3,252,983     983,261     4,236,244
 

(a)

The disclosure regarding the amount and number of consumer loans written and renewed is statistical data that is not included in the Company’s financial statements.

(b)

Loans guaranteed by the Company represent loans originated by third-party lenders through the CSO programs.

CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES

INCOME FROM OPERATIONS BY OPERATING SEGMENT

(dollars in thousands)

The following tables contain operating segment data for the three and nine months ended September 30, 2012 and 2011 (dollars in thousands).

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